The funniest thing, the current Australian (well not the people) goverment dismissed it's ex-leader within 24hrs on the 24 June 2010; on the premise that the 40% resources tax was a re-election death. So they ( Labor's current leader Julia Gillard) comprised with the miners an almost laughable tax concession (pegged to the 10yr Aust bond). I am not into over taxing business/companies but a public orientated 'rent tax' on overinflated miners is not such a bad thing, especially when Australia is looking down a gapping 58billion dollar fiscal deficit that will grow into 2011 (double dip recession/China slow down)
Whether the 'poll' backlash (former Labor leader) was against the mining tax is disputable. Still China was brought into the picture with medium/larger miners claiming China will look elsewhere for commodities. But as some analysts noted a 'resourse tax' was invetible especially as financing conditions (commodity producing countries) tighten and deficits will be a challenge to bring back into surplus.
China has just implicated a resource tax which will encompasses ALL of China's mining sector/s. (that's the funny/ironic part)
this indicates three things:
*Credit revenue form exports are slowing
*Liquidity conditions for local/region councils are being squeezed
*Liquidity and financing for China is drying up
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